I’m just sitting here wondering, what are the average terms if I call up a bank and ask for a cash-out refi after rehab & rent-out of a single-family home?
Around 30k cash investment, 650/mo rental, 80k appraisal if sold, central ohio
How much money could I pull out of that in today’s credit market? Excellent credit, no track record in real estate yet.
Thanks!
cant do cash with conventional lenders without 6 months of seasoning. those terms would be 30yr rates up to about 70% ltv.
otherwise you could work with a local bank or credit union to get a commercial loan on residential property. The ltv will be based on the cash flow of the property, most likely a 3-5yr balloon amortorized over 20-25yr.
If you dont have an understanding of commercial financing it might be worth your while to hire a coach/consultant to go over this with you and who could try referring you to local banks in your area.